Oracle Shares Tumble Following Q2 Earnings Report

Company's cloud services account for 74% of total revenue, with plans to expand cloud data centers amid growing demand.

Oracle's shares fell more than 11% after the company reported its Q2 earnings, missing Wall Street revenue estimates with a growth of 5% to $12.9 billion.
Oracle's net income soared 44% to $2.5 billion from $1.7 billion a year ago, and its adjusted earnings per share came to $1.34, slightly up from the consensus estimate of $1.32.
Oracle's cloud services and license support accounted for 74% of the company's total revenue in the second quarter.
The company's cloud infrastructure revenue reached $1.6 billion in the period, up 52%, with clients including Elon Musk's artificial intelligence startup xAI, Halliburton and Samsung.
Oracle is expanding its cloud data centers to meet growing demand, with CEO Safra Catz stating that as the company's capabilities meet demand it expects its cloud infrastructure growth rate to be 'over 50% for a few years.'